Insurance Providers - Which one?

When the pandemic started, it shocked all of us on how quick it all happened and it definitely scared me. It scared me for our family's safety and well-being, and also of course our future. There's a lot of uncertainties and everyone is in a panic.

 

With these uncertainties, we had to re-evaluate our finances and see how we are preparing for our future and this type of events. I can't say for sure that we are already prepared, but I'm happy to say and know that we have been preparing for it. For my husband and I, we have a very similar way of thinking about money and our goals in life.


When we got married, one of the first few things that we did is to get variable life insurance (life insurance plus investment) coverage for both of us. And I can't believe how fast time flies because just last week, we have paid the 4th annual premium of my husband's insurance and soon I will also be paying my 4th as well. I can't believe that we are now almost half way through the 10-year period to pay our variable life insurance that will cover us until the age of 88.


For my husband and I, we reached out to (3) three different insurance providers that offer variable life insurance. Let's call them Insurance A, Insurance B and Insurance C.


INSURANCE A

  • They are a known firm and was previously the insurance provider of our company.
  • The Financial Advisor is also a friend of our friend, and was able to meet us to discuss the coverage.
  • We did not select Insurance A mainly because the premium is too high for our budget and the coverage is the same or similar to the other proposals with a lower premium.

 

INSURANCE B

  • I was initially interested with the proposal from them but I had some questions in mind.
  • It does meet our budget but there are some coverage that I was looking for and is thinking of adjusting the proposal based on our needs.
  • I have already met the Financial Advisor previously but my husband hasn't met him before. Thus, I would really like to meet him again with my husband to discuss the questions and the budget of the proposal.
  • Unfortunately, he wasn't able to meet us nor rescheduled a meeting with us to discuss further. So, with this, I think he was not truly interested in discussing things with us and it is a critical factor for us in getting an insurance.
  • With this, we opted to remove Insurance B in our options.

 

INSURANCE C

  • They are also an established and known firm.
  • The Financial Advisor is also my brother's Financial Advisor, and actually my mutual fund agent back in 2015. So, I am quite familiar with her but my husband is not.
  • She was able to meet us and discuss the proposals with us and adjust it base on our request and requirements.
  • Another thing that also stands out for us is that she was able to meet us here in Manila despite her coming from the province which is 4 hours way to finalize the contract with us. This basically sealed the deal for us.
  • Also, out of the three proposals, I find that this one has a more reasonable premium for the coverage that we are looking for compared to the other two.


If you are curious to know, Insurance C is actually Sun Life of Canada (Philippines), Inc. For transparency purposes, my sister is actually a Financial Advisor with Sun Life now. However, we got our insurance before she even became a Financial Advisor. If she was already an advisor back then, she would have been our advisor now.




However, I am not saying that you should also get Sun Life for your insurance. Basically, I think all insurance companies are great in a way that they will be able to provide us what we are looking for - protection for the future of our family and savings. They just differ in some areas and each have their own advantage and disadvantages. Which one you will select will just really vary based on your preference, budget and needs. Let me share with you some tips on how we selected our insurance provider:


  1. Request for different proposals from different providers
      • Don't limit yourself in getting proposals from only one insurance provider.
      • Get at least 2 or 3 insurance proposals from different providers. Not more, because it may be overwhelming.
      • These will help you evaluate the differences in their offering, coverage, tenure, premium and payment options.

  1. Recalculate proposals based on your budget
      • Don't be shy to discuss your budget with your Financial Advisor.
      • Being open with your budget will help them adjust the proposal based on your budget, needs and goals.
      • You may also discuss on what are the payment options - monthly, quarterly or annually so that you may budget accordingly.

  1. Ask as many questions as you want
      • Whether you're a first timer or you already have a background with insurance, there might still be some instances wherein you will have some questions. Go ahead and ask.
      • You would need to know what you are getting into and of course what you will be paying for.

  1. Research
      • Do your own homework and research what is insurance and what is the company about.
      • Understand why you are getting an insurance and how it will help you and your family.
      • Check reviews about the provider online either via google or social media.
      • Check their performance as an insurance provider.

  1. Accessibility and comfortability with the Financial Advisor
      • Other than checking the proposals, you will also need to know your Financial Advisor as they will manage your account moving forward. It doesn't end in contract signing.
      • You will need to be able to work with a Financial Advisor of whom you can reach out to and who would be available to sit down and discuss things with you.

 

Through these tips, I hope you will be able to better understand what is insurance and how it will protect you and your family. Above other things, I think it is of high importance in taking care and protecting ourselves while we are young and while we can. And also prepare for life uncertainties as we don't know what's going to happen in the future.


Hope these will help you in selecting your insurance provider in the future. ðŸ˜Š


Location: Metro Manila, Philippines

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